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Summary of COVID-19 (Coronavirus) Stimulus Legislation

Mar.27.2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package, was approved by the U.S. House of Representatives by a voice vote on March 27, 2020 despite opposition from certain Republican members who were seeking a roll call vote. The package was approved unanimously by the U.S. Senate with a vote of 96-0 on March 25, 2020. It is the third coronavirus emergency response bill considered this month in Congress, which passed the Coronavirus Preparedness and Response Supplemental Appropriations Act on March 6 and the Families First Coronavirus Response Act on March 18.

The CARES Act was first drafted by Majority Leader Mitch McConnell (R-KY), though after significant resistance from Senate Democrats, the final bill text was principally negotiated by Treasury Secretary Steve Mnuchin and Senate Minority Leader Chuck Schumer (D-NY). The broad stimulus package is viewed as a compromise and includes:

  • Federal grants, loans, and other assistance for small businesses and other businesses disproportionately affected by the coronavirus outbreak
  • Additional funding for hospitals and doctors as they brace for continued and increased pressure on their workforce and systems
  • Direct financial assistance to individual taxpayers
  • An expansion of unemployment insurance
The following PDF provides a summary of the key provisions included in the Act.

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James G. Flood
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Jacinta Alves
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Thomas P. Gies
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Trey Flowers
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Peter Gray
Senior Counsel – Washington, D.C.
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Lisa Kimmel, Ph.D.
Senior Counsel – Washington, D.C.
Phone: +1 202.624.2749
Email: lkimmel@crowell.com

Crowell & Moring LLP is an international law firm with approximately 550 lawyers representing clients in litigation and arbitration, regulatory and policy, and transactional matters. The firm is internationally recognized for its representation of Fortune 500 companies in high-stakes litigation, as well as its ongoing commitment to pro bono service and diversity, equity and inclusion. The firm has offices in Brussels, Doha, London, Los Angeles, New York, Orange County, San Francisco, Shanghai, and Washington, D.C.

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